Stock futures edged up in overnight trading on Thursday as the S&P 500 aims to post a winning week.

The Dow Jones Industrial Average futures rose 20 points. S&P 500 futures and Nasdaq 100 futures both gained 0.1%.

Even with strong earnings from corporates, the market rally seemed to be slowing down. In their quarterly earnings reports, Macy’s as well as Kohl’s surpassed analysts’ estimates on Thursday.

Blue chip Dow down 0.6% this week. It is on track for its second negative week. The S&P 500 and the tech-heavy Nasdaq Composite are headed for modest gains, up 0.5% and 0.8% this week, respectively. The S&P 500 is on track for it sixth positive week in seven, sitting 0.3% below its all-time high.

More than 90% of the S&P 500 companies have handed in their financial results for the third quarter, and over 80% of them reported earnings better than Street’s expectations, according to Refinitiv. S&P 500 companies are on track to grow profit by 41.5% year over year.

Mike Loewengart (managing director, investment strategy at E-Trade Financial), stated that “Better-than-expected earnings was the theme this week for market,”. While investors might be a little hesitant about earnings season, there are clear indicators that the market is resilient and consumers have strong corporate balance sheets despite price pressures.

Investors digested U.S. unemployment claims data Thursday which more or less met expectations. First filings for unemployment insurance fell slightly to 268,000 for the week ending Nov. 13, the lowest level since March 2020, and the seventh straight weekly decline. Dow Jones polled economists to expect them to fall to 260,000.

“With jobless claims hovering around pre-pandemic lows, the question now is will the momentum continue— both in terms of our economic recovery and market trajectory,” Loewengart said.

Investors will also be keeping an eye on the selection of President Joe Biden for next Federal Reserve chair. This is likely to happen by the weekend. Many expect an even more dovish Fed if Lael Brainard is named the central bank chief, meaning it would take longer to raise interest rates or tighten policy than under Jerome Powell. 

The House of Representatives in Washington is trying to pass the $1.75 billion Build Back Better economic package. After returning from Thanksgiving recess, the Senate plans to vote on the legislation.